Wire and Cable Manufacturer Settles FCPA and Accounting Charges
The Securities and Exchange Commission today announced that Kentucky-based General Cable Corporation agreed to pay more than $75 million to resolve parallel SEC and U.S. Department of Justice investigations related to its violations of the Foreign Corrupt Practices Act (FCPA). The company agreed to pay an additional $6.5 million penalty to the SEC to settle separate accounting-related violations. According to the SEC’s orders instituting settled administrative proceedings, General Cable’s overseas subsidiaries made improper payments to foreign government officials for a dozen years to obtain or retain business in Angola, Bangladesh, China, Egypt, Indonesia, and Thailand. General Cable’s weak internal controls also failed to…
Read MoreBusinessman Settles Charges of Fraudulent EB-5 Offering
The Securities and Exchange Commission today announced that a Florida-based businessman has agreed to settle charges that he misused investor funds intended to create U.S. jobs through the EB-5 Immigrant Investor Program. The SEC alleges that Jason Adam Ogden, the CEO of a pair of smoothie and frozen yogurt franchises called Juiceblendz and Yoblendz, formed AJN Investments LLC to conduct an investment offering in conjunction with the EB-5 program, which provides foreign investors a path to permanent residency when their investments create at least 10 jobs for American workers. Investors were allegedly told that their money would help build and…
Read MoreSEC Charges Lawyer With Stealing Investor Money in EB-5 Offerings
The Securities and Exchange Commission today charged a California-based attorney with defrauding investors seeking to participate in the EB-5 immigrant investor program, stealing their money to buy a yacht and prop up his other businesses. The SEC alleges that Emilio Francisco raised $72 million from investors in China solicited through his marketing firm PDC Capital to invest in EB-5 projects that included opening Caffe Primo restaurants, developing assisted living facilities, and renovating a production facility for environmentally friendly agriculture and cleaning products. Under the EB-5 program, foreign investors can apply to permanently live and work in the U.S. by investing…
Read MoreTeva Pharmaceutical Paying $519 Million to Settle FCPA Charges
The Securities and Exchange Commission today announced that Teva Pharmaceutical Industries Limited has agreed to pay more than $519 million to settle parallel civil and criminal charges that it violated the Foreign Corrupt Practices Act by paying bribes to foreign government officials in Russia, Ukraine, and Mexico. The SEC’s complaint alleges that Teva made more than $214 million in illicit profits by making the influential payments to increase its market share and obtain regulatory and formulary approvals as well as favorable drug purchase and prescription decisions. “As alleged in our complaint, Teva failed to devise and maintain proper internal accounting…
Read MoreSharon Binger, Director of Philadelphia Regional Office, to Leave SEC
The Securities and Exchange Commission today announced that Sharon B. Binger, Director of the Philadelphia Regional Office, will leave the agency at the end of the year. Following her departure, G. Jeffrey Boujoukos, the Philadelphia office’s Associate Regional Director for Enforcement, will serve as Regional Director. Ms. Binger has headed the Philadelphia office since February 2014, overseeing a staff of more than 150 attorneys, accountants, and other professionals responsible for conducting investigations, litigation, and examinations in a region covering Delaware, Maryland, Pennsylvania, Virginia, West Virginia, and the District of Columbia. “Sharon exemplifies the high standards of leadership we set at…
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